Gold and Silver Prices Retreat from Nearly 9-Month Highs

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Precious metals declined in their start to the new trading week on Tuesday, registering losses that ranged from 0.6% for gold to 3% for palladium. Gold and silver fell from nearly nine-month highs.

Snapping a three-session winning streak, gold for February delivery shed $11.80 to settle at $1,909.90 an ounce on the Comex division of the New York Mercantile Exchange.

"We’re looking at this as more of a slight pullback within our sideways-to-higher trend. We believe the combination of the weaker dollar and sticky inflation concerns continues to support our underlying positive environment," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures traded between $1,906.20 and $1,931.80. They surged 2.8% last week, ending Friday at their best price since April 22.

Falling for the first time in three sessions, silver for March delivery lost 30.4 cents, or 1.3%, to settle at $24.068 an ounce. Silver futures ranged from $23.97 and $24.67. They advanced 1.6% last week, closing Friday at their highest level since April 21.

In other precious metals futures prices on Tuesday:

  • April platinum declined $25.60, or 2.4%, to $1,046.90 an ounce, trading between $1,044.10 and $1,082.10.

  • Palladium for March delivery dropped $53.30 to $1,734 an ounce, ranging from $1,706.50 to $1,791.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales increased on Tuesday with combined gains of:

  • 12,000 ounces in American Gold Eagles,
  • 500 ounces in American Gold Buffalos, and
  • 500,000 ounces in American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday / This Week October November December 2022 Sales Last Week 2023 Sales
$50 American Eagle 1 Oz Gold Coin 11,000 59,500 6,000 4,000 850,000 90,000 101,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 2,000 0 0 75,000 34,000 35,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 2,000 0 0 140,000 50,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 0 0 575,000 115,000 115,000
$50 American Buffalo 1 Oz Gold Coin 500 39,500 4,500 0 410,000 44,000 44,500
$1 American Eagle 1 Oz Silver Coin 500,000 1,258,000 1,407,000 59,000 15,963,500 3,499,000 3,949,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 80,000 0 0
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Rich

The gold price retreated from nearly 9-month highs today just as Antonio predicted last Friday.

Antonio

Only it’s on Tuesday instead of Monday. Yesterday was a holiday in the U.S.

Kaiser Wilhelm

But if it’s Tuesday this must be Belgium.

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Antonio

Ah the classics, old tours never fail to be enjoyable for everyone.

Kaiser Wilhelm

An example of a film one can’t be sure of where it belongs: with the surprise successes, the cult favorites or the simply better left forgotten. I’m a bit of a sucker for some of these 1960s star-laden, goofy, politically incorrect and delightfully self-mocking “extravaganzas”; for my money that one gets two twisted thumbs up.